Ed on fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2014
whether excise duty is to be paid while purchase of new asset..please provide the entry and explain how to avail cenvat credit.
04 March 2014
If the asset is purchased from a manufacturer who is liable to pay excise duty, then excise duty is to be paid.
Entries:
Fixed Asset A/c Dr
CENVAT Credit Receivable (Capital) Dr
CENVAT Credit Receivable Deferred (Capital)
To Creditor
Entries:
Fixed Asset A/c Dr
CENVAT Credit Receivable (Capital) Dr
CENVAT Credit Receivable Deferred (Capital)
To Creditor
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